Grange Resources revealed a significant update in its December 2023 annual resource and reserve statement.

The magnetite producer declared a new underground ore reserve for the Savage River Mine in Tasmania, totalling 64 million tonnes at 45% DTR.

The increase is attributed to the newly declared underground reserves, extracted using block and sub-level caving methods and adjustments in opencut reserves.

Grange Resources also boasts a robust total mineral resource inventory of 472 million tonnes at 44% DTR.